Mortgage lenders pass on rate cut

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Halifax, Nationwide and Barclays' mortgage arm the Woolwich all said they would be reducing their standard variable mortgage rates by the full 0.25% within minutes of the Bank of England's Monetary Policy Committee making its announcement.

Lloyds TSB, which also offers mortgages under the Cheltenham & Gloucester brand, and First Direct are also cutting their standard variable rate by 0.25%, having said in advance that they would mirror the MPC's decision.

The move will reduce monthly mortgage repayments by £16 a month for a homeowner with a £100,000 mortgage, reducing them from £722.80 to £706.77 a month, based on a new rate of 7%.

People who are more heavily mortgaged with a £250,000 home loan will be around £40 a month better off, with repayments falling from £1,807 to £1,767.